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Frequently Asked Questions View all FAQs
Frequently Asked Questions Does Inform Direct automatically update PSCs when share transactions are processed?
Inform Direct does not automatically update PSC details when share transactions are processed. Inform Direct does, however, carryout a check at the end of various share transaction to see if the PSC details match the shareholdings following that transaction. The applicable share transactions are:
- share allotments
- share transfers
- purchase of own shares
- share capital reductions
- share redemptions
If they do not match then you will be asked if you want to review and update the PSC details. Saying that you do you will be taken to a Review PSCs screen that shows you all the current shareholders and the percentage of shares they own and their PSC control reasons and any other persons that are PSCs and not shareholders with their control reasons. From this screen you can easily see what PSC changes are needed to be made and submitted to Companies House.
Can i create board minutes with multiple changes?
Yes, Inform Direct provides the functionality for users to create detailed board minutes for all changes at a board meeting.
As well as either selecting one or multiple changes to include in a board minute, you can also select the location and date of a meeting and order the document as you wish.
How does Inform Direct make managing company details really easy?
Our intelligent software has been designed to ask you straightforward questions, turning your answers into the correct format before electronically filing your submission with Companies House. Features designed to help you easily manage changes to your company details include:
- simultaneous updating of your statutory registers if required when you file a change;
- automatic inclusion of changes in your next confirmation statement;
- pre-populated template minutes and resolutions to support your changes;
- automatic saving of documents to your Document Library; and
- company name checking facility that allows you to verify with Companies House that your proposed company name is available.
Using Inform Direct to manage your company details, including changes to your registered office address and registered email address; implementation of a SAIL address; change of accounting reference date; filing of micro-entity and dormant company accounts (and other types of company accounts if you are able to upload an iXBRL accounts file) and changes of company name, will enable you to process any update swiftly.
How does Inform Direct help me manage PSC reporting requirements?
Companies are required to report PSC changes to Companies House as and when they happen. Our intelligent software makes this easy for you.
Easy to process PSC changes
By clicking on the PSC tab you can view a summary of the company's current PSCs and swiftly process any changes you want to make from here. Alternatively you can select 'Review PSCs' on the PSC tab which allows you to view the current PSCs and current shareholders or members on a single screen. From this you can easily review and identify any changes to the PSC information. You can then swiftly process any updates required from this screen. Using Inform Direct you can:
- Add the details of individual PSCs, even if you have not yet confirmed their details.
- Add the details of any registrable relevant legal entities (RLEs) that must be included in the register.
- Record updates on the progress of your investigations.
- Make ongoing updates as you get further in the process of identifying PSCs.
- Remove persons or entities that are no longer registrable for PSC reporting.
Our software asks you straightforward questions and converts your answers into the correct form. Any changes you record are automatically submitted to Companies House, as required by legislation, and we also provide you with a suite of professional looking and compliant templates, including:
- Notices and proforma reply letters.
- Board minutes that evidence the reasonable steps taken by the company to obtain the details of every PSC or registrable RLE.
- Board minutes that document any PSC changes and authorise the reporting of these to Companies House.
Inform Direct makes it easy for companies with straightforward PSC requirements to be compliant. However, our software also supports all the different possibilities prescribed by law and is suitable for the most complex PSC arrangements.
Compliant PSC register
When you add the details of any PSCs, Inform Direct automatically produces a PSC register that contains statements compliant with the prescribed wording required by legislation. Similarly, when you use Inform Direct to process any changes, your PSC register will be automatically updated for the changes ensuring that it is always fully compliant. You can view and print your PSC register at any time.
What types of company can use Inform Direct to prepare and file micro-entity accounts?
Inform Direct currently enables private companies limited by shares and private companies limited by guarantee, incorporated in England and Wales, Scotland, and Northern Ireland to prepare and electronically file micro-entity company accounts.
If you are a subscriber with your own presenter code, and are able to upload an iXBRL accounts file to Inform Direct, then you can also use our service to electronically submit micro-entity accounts for Limited Liability Partnerships.
The following company types cannot file micro-entity accounts because they are excluded from doing so by legislation:
- Public Limited Companies
- Companies registered overseas
- Most group companies
- Charitable organisations
Can I get approval before completing micro-entity company accounts?
Yes. You are able to save all the details you have entered into the micro-entity accounts wizard and generate draft accounts for approval. Then, following approval (from your client, or internally) you can simply pick the process back up and complete it – submitting the required pages of the accounts to Companies House as appropriate and creating finalised accounts for distribution to company shareholders, members or other stakeholders.
If you are an Inform Direct subscriber you can also choose to produce micro-entity company accounts stamped with a range of watermarks, including ‘Draft’, ‘Client Copy’, ‘File Copy’ and ‘For Approval’.
Can I bulk upload members for companies limited by guarantee?
Yes. As Companies House do not hold details of the members of companies limited by guarantee, Inform Direct allows you to upload members of such companies rather than enter them individually one by one. All you need is a csv file with the relevant information.
How does Inform Direct help me get my accounts right first time?
The process of preparing and filing your accounts is made simple with Inform Direct. Follow our straightforward wizards as we take you step by step through the process. You’ll be prompted to enter only the details that you need to and if you are unfamiliar with preparing company accounts there are comprehensive help texts to guide you. Using Inform Direct you can create and then file never-traded dormant company and audit-exempt micro-entity accounts.
Beautifully streamlined process
Whenever our system can step in and remove a task it will. Our software calculates the balance sheet date, automatically provides the required statutory balance sheet statements, and presents accounts that both meet requirements and look professional. If you are preparing never-traded dormant company accounts you may only have to check the automatically populated details are correct, tick to confirm the balance sheet statements apply, enter the date the accounts were approved and select from a list the name of the director that is authorising the accounts. It’s that simple.
Once you are happy with the accounts you have prepared you can choose to submit them electronically to Companies House. You will receive immediate confirmation of their safe delivery and an email notifying you of their approval as soon as this is received. Your accounts are automatically saved in your Document Library.
Avoid errors
Each year Companies House reject almost 100,000 sets of accounts, often due to simple errors and omissions such as:
- incorrect or absent company name or number;
- authorising signatory missing from the balance sheet;
- incorrect or absent balance sheet date;
- omission of balance sheet approval date;
- incorrect statements on the balance sheet; or
- missing figures on the balance sheet.
If you prepare your dormant company and micro-entity accounts using Inform Direct then you will benefit from the checks we have built into our software that prevent the above errors.
Upload and file iXBRL accounts service
If you are a subscriber using your own presenter code and have access to accounting software that can produce an iXBRL accounts file, you can use our streamlined upload and file iXBRL accounts service. This service allows you to electronically file a wide range of company accounts, including small, medium, full, abridged and group accounts, and audited as well as audit-exempt accounts. It takes moments to upload an iXBRL accounts file and our software completes many of the checks described above before electronically submitting the accounts to Companies House.
However, although we complete some checks on the iXBRL file you upload, such as the presence of Companies House mandatory elements and basic accuracy checks, you should ensure the accounting software used to create the iXBRL file conducts a comprehensive suite of checks. These should validate the completeness and accuracy of the iXBRL tagging; ensure the correct accounting standards have been used, verify the balance sheet statements and additional disclosure items, and ensure consistent application of currency, language and numerical elements.
Never miss the filing deadline
Inform Direct will send you reminders as your filing deadline approaches, helping you submit your accounts on time and avoid automatic fines for late delivery.
What type of company accounts can I prepare and file using Inform Direct?
Where applicable to the company, all users can create and file never-traded dormant company accounts or audit-exempt micro-entity company accounts using Inform Direct.
If you are a subscriber with your own presenter code and you can upload an iXBRL accounts file to Inform Direct, you can use our service to electronically submit a wide range of company accounts, including small, medium, full, abridged and group accounts.
Will you supply me with a copy of the company accounts submitted?
Yes. Once you have confirmed and submitted your company accounts they will be available to you as a pdf document in your Document Library, ready to print or file. As soon as Companies House has approved your accounts we will confirm this and also attach a copy of the approved accounts to this email.
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